Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment information

Segment information

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments.

	Operating Data by Segment ($000’s omitted)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Revenues:
Northeast	$	242,829		$	209,696		$	546,741		$	520,425
Southeast	434,782			456,244			1,275,039			1,240,782
Florida	623,971			539,269			1,712,180			1,470,866
Midwest	411,797			403,916			1,043,646			1,048,090
Texas	359,358			359,717			1,069,444			971,606
West	775,349			676,708			1,940,445			1,779,641
	2,848,086			2,645,550			7,587,495			7,031,410
Financial Services	106,871			64,815			256,223			164,634
Consolidated revenues	$	2,954,957		$	2,710,365		$	7,843,718		$	7,196,044
Income (loss) before income taxes:
Northeast	$	39,442		$	37,285		$	76,995		$	71,425
Southeast (a)	69,275			42,313			196,798			122,668
Florida (b)	106,394			89,186			258,991			218,848
Midwest	62,638			55,286			137,707			124,406
Texas	64,646			53,502			178,150			133,617
West	121,974			100,034			279,393			284,659
Other homebuilding (c)	(44,266		)	(43,744		)	(67,128		)	(121,769		)
	420,103			333,862			1,060,906			833,854
Financial Services	64,064			32,284			144,038			69,771
Consolidated income before income taxes	$	484,167		$	366,146		$	1,204,944		$	903,625

(a) Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019, respectively, related to estimated costs to complete repairs in a closed-out community.

(b) Includes goodwill impairment charge totaling $20.2 million (see Note 1) in the nine months ended September 30, 2020.

(c) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes net insurance reserve reversals of $59.4 million and $18.3 million for the nine months ended September 30, 2020 and 2019, respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8).

	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Land-related charges (a):
Northeast	$	419	$	253	$	5,264	$	707
Southeast	725		8,167		2,401		10,754
Florida	108		225		1,089		1,471
Midwest	190		528		1,466		1,832
Texas	82		94		1,068		577
West	170		1,166		1,844		1,813
Other homebuilding	54		307		798		395
	$	1,748	$	10,740	$	13,930	$	17,549

(a) Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.

	Operating Data by Segment
	($000's omitted)
	September 30, 2020
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	369,977	$	221,070	$	24,271	$	615,318	$	711,598
Southeast	428,481		668,357		55,664		1,152,502		1,279,533
Florida	558,976		892,609		118,827		1,570,412		1,859,865
Midwest	382,553		429,463		19,818		831,834		932,111
Texas	321,741		452,156		68,375		842,272		924,410
West	958,715		1,246,302		109,946		2,314,963		2,608,256
Other homebuilding (a)	45,358		229,166		13,646		288,170		2,506,868
	3,065,801		4,139,123		410,547		7,615,471		10,822,641
Financial Services	—		—		—		—		542,381
	$	3,065,801	$	4,139,123	$	410,547	$	7,615,471	$	11,365,022

	Operating Data by Segment
	($000's omitted)
	December 31, 2019
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	345,644	$	242,666	$	25,098	$	613,408	$	698,661
Southeast	430,008		724,258		72,804		1,227,070		1,354,086
Florida	539,895		894,716		99,228		1,533,839		1,700,198
Midwest	315,822		464,733		31,881		812,436		886,889
Texas	343,230		447,707		84,926		875,863		949,236
West	881,551		1,289,255		105,606		2,276,412		2,538,803
Other homebuilding (a)	42,866		283,772		14,948		341,586		1,953,440
	2,899,016		4,347,107		434,491		7,680,614		10,081,313
Financial Services	—		—		—		—		634,284
	$	2,899,016	$	4,347,107	$	434,491	$	7,680,614	$	10,715,597

(a)

Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.